Thoma Bravo raised more than $22.8 billion in capital commitments in three funds, the private equity firm announced on Monday.
Thoma Bravo Fund XIV, a buyout fund that targets large equity investments in software companies and technology-enabled businesses, raised $17.8 billion. Thoma Bravo Discover Fund III, which focuses on upper-middle-market buyouts in the same sectors, raised $3.9 billion. And Thoma Bravo Explore Fund, which looks for buyout opportunities in lower-middle-market software and technology-enabled companies, raised $1.1 billion. All three funds reached their hard caps.
Investors in Fund XIV include the $138.6 billion Washington State Investment Board, Olympia; the $78.7 billion Ohio State Teachers’ Retirement System, Columbus; the $71.1 billion Minnesota State Board of Investment, St. Paul; the $30 billion Pennsylvania State Employees’ Retirement System, Harrisburg; the $25.7 billion San Francisco City & County Employees’ Retirement System; the $21.4 billion Louisiana Teachers’ Retirement System, Baton Rouge; the $19 billion Los Angeles City Employees’ Retirement System; the $16.2 billion Orange County Employees Retirement System, Santa Ana, Calif.; and the $9 billion New Hampshire Retirement System, Concord.
Investors in Discover Fund III include Ohio Teachers, Pennsylvania State Employees and the Los Angeles fund, while Explore Fund investors include the San Francisco and Los Angeles funds.
In January 2019, Thoma Bravo Fund XIII closed at $12.6 billion. The Thoma Bravo Discover Fund II closed at $2.4 billion in April 2018.